Thank you. Good afternoon ladies and gentlemen, a very warm welcome to Q4 and FY '25-'26 earning call post effective date of Scheme of Arrangement under the aegis of Gujarat Energy Limited.

We have with us our Managing Director, Smt. Avantika Singh Aulakh, IAS.

Now I request MD Madam to share business updates. Madam, over to

you. Thank you, Sandeep.

Our valued shareholders, distinguished analysts, and representatives from the investor community, ladies and gentlemen, on behalf of Gujarat Energy Limited, I, Avantika Singh, MD of GEL, extend a warm welcome to all of you to this earnings call. Thank you all for attending today's earning call.

We are here to discuss the company's operational and financial performance for the fourth quarter of FY '26 as also for the full financial year 2025-2026. Q4 of the financial year was marked by contrasting situations with several positive developments in the form of progress on our Scheme of Arrangement as well as our highest ever CNG segment sales, and several difficult situations in the form of gas market instability caused by the conflict in Middle East.

I propose to first update you all about the Scheme of Arrangement. On 17th April 2026, we received the final order from Ministry of Corporate Affairs approving the Scheme of Arrangement.

After completing all formalities, the Scheme of Arrangement has become effective from 1st May 2026, which coincided with the Gujarat State Foundation Day celebrations. On 1st May 2026, Gujarat State Petroleum Corporation Limited, Gujarat State Petronet Limited, and GSPC Energy Limited have been merged into Gujarat Gas Limited.

Consequent to their merger into Gujarat Gas, GSPC, GSPL, and GSPC Energy Limited have ceased to exist. Concurrently, with the merger of GSPL into Gujarat Gas, the gas transmission business undertaking has been demerged into GSPL Transmission Limited or GTL.

As was envisaged under the scheme, the name of Gujarat Gas Limited has been altered to Gujarat Energy Limited with effect from 14th May 2026. The new name reflects the positioning of Gujarat Energy Limited as a true integrated energy company.

While the scheme has become effective from 1st May 2026, the appointed date for merger of GSPC, GSPL, and GSPC Energy Limited into Gujarat Gas is 1st April 2024, and the appointed date for demerger of gas transmission business into GTL is 1st April 2025. From a financial reporting perspective, FY '25-'26 financials and restated financials of FY '24-'25 do not provide a like-to-like comparison.

This is so because the restated financials of FY '24-'25 include the financials of gas transmission business undertaking of GSPL as well, which does not form part of FY '25-'26 financials due to effect of demerger having been given from 1st April 2025. Getting back to progress on implementation of the Scheme of Arrangement, 12th May 2026 was declared as the record date for issuance of shares of Gujarat Energy to shareholders of GSPC and GSPL.

The allotment has been made on 16th May 2026, and application to BSE and NSE has been made seeking listing permission for such additional shares of Gujarat Energy allotted to the shareholders of GSPC and GSPL. We expect to receive listing permission from BSE and NSE in next 7 to 10 days, which will enable us to initiate corporate action for crediting the additional shares to demat accounts of shareholders of GSPC and GSPL, followed by actual listing and trading of additional shares of Gujarat Energy on BSE and NSE.

In the meantime, GTL will also commence steps for declaration of record date for issuance of shares of GTL to the shareholders of Gujarat Energy, followed by listing and trading permission for GTL's shares on BSE and NSE. We expect the entire process for listing and trading of GTL's shares to be completed by end of July 2026.

I now propose to move on to our operational performance during the period. We now have four major business segments in the form of city gas distribution, gas trading, exploration and production, and wind power generation.

Out of the said four segments, the two segments of gas trading and city gas distribution hold the lion's share in our revenues and profits. I would like to begin with the gas trading segment.

This segment is singularly the most value accretive aspect of merger of GSPC into Gujarat Energy. Just to give you all a heads-up on how significant this segment is, pre-merger, GSPC's gas trading segment revenues during the last five financial years of 2020-2021 to 2024-2025 aggregated to more than ₹1 lakh crores, while the EBITDA for the same period was in excess of ₹9,000 crores.

Our gas trading volume for FY '25-'26 stood at 10.2 MMSCMD, of which approximately 5.3 MMSCMD of gas was accounted for as intersegment sales since the said supply was made to our own CGD segment. Thus, the trading volume net of intersegment sales stood at approximately 4.9 MMSCMD.

In FY '24-'25, our gas trading volumes stood at approximately 12.6 MMSCMD against which the FY '26 volumes fell by about 19%. Despite this, due to our diversified sourcing portfolio, our gas trading segment was able to deliver strong profitability with earnings before tax from the segment increasing to ₹1,334.61 crores in FY '26 from ₹1,222 crores in FY '25, demonstrating our resilience despite a challenging business environment.

We already have access to competitively priced long-term LNG supplies from various international suppliers under different LNG SPAs, aggregating to approximately 2.96 MTPA of LNG, which translates to approximately 10.66 MMSCMD of gas every year. We are committed to adding more volumes of competitively priced long-term LNG into our sourcing portfolio.

During FY '25-'26, we have signed two long-term LNG SPAs aggregating to up to 1.36 MTPA of LNG, which translates to approximately 4.9 MMSCMD of natural gas supplies with QatarEnergy and Uniper Global Commodities. We continue to pursue opportunities to add more long-term volumes.

We also effectively managed our long-term regasification contracts at Petronet LNG's Dahej terminal totaling a firm capacity of 2.25 MMTPA in highly volatile global spot markets and domestic demand shifts. Moving on to our next important business segment, that is the city gas distribution segment.

The CGD segment is further subdivided into CNG, PNG domestic, PNG commercial, and PNG industrial segments. Talking of the CNG segment, we achieved our highest ever CNG volume of 3.6 MMSCMD during Q4 FY '26, representing a 12% year-on-year growth with Gujarat recording an 11% increase and areas outside Gujarat delivering a notable 18% growth in Q4 FY '26 compared to Q4 of FY '25, underscoring our success in deepening our presence across geographies.

Our CNG infrastructure expanded to 839 stations. As of March 2026, the CNG vehicle base across our network reached approximately 17.68 lakhs compared to 15.4 lakhs a year earlier, reflecting a solid 15% growth.

CNG continues to offer a compelling economic advantage, being approximately 47% cheaper than petrol and 15% cheaper than diesel when compared to current pricing. Talking of the PNG domestic segment, we continue to witness healthy growth in the segment during the quarter.

In Q4 FY '26, we registered approximately 43,000 new domestic PNG customers and commissioned more than 35,400 connections. With this, our cumulative domestic PNG customer base has crossed 24.18 lakh customers.

In the wake of constrained LPG supplies caused by conflict in the Middle East, Government of India took policy measures to boost PNG connections for domestic usage. A PNG penetration drive was launched across India to replace LPG with PNG for domestic cooking purposes.

As a part of the PNG penetration drive, we have taken various initiatives such as aggressive marketing campaigns in print media and digital platforms, appointment of direct marketing agencies to expedite customer registration process, mobilizing additional contractors to execute new connections, and prioritizing outreach to essential category customers such as hospitals, hotels, community kitchens, etc. Our efforts have led to several visible results.

During March to May 2026, we could convert 86 residential societies comprising approximately 13,000 households as LPG-free societies with 100% PNG connectivity. As of May 2026, we have cumulatively converted a total of 2,835 residential societies in our GAs comprising approximately 4.86 lakh households as LPG-free societies with 100% PNG connectivity.

We also commissioned new commercial units, which increased from 152 in March 2026 to 527 by the last week of May. The PNG commercial segment has delivered steady growth.

As on March 2026, we serve more than 16,000 commissioned commercial customers across our network. We expect customer additions in both domestic and commercial segments to remain robust as our newer geographical areas in Punjab, Haryana, Madhya Pradesh, Rajasthan, and Maharashtra continue to mature and enhance customer penetration levels.

In the PNG industrial segment, sales volume was 4.19 MMSCMD in Q4 FY '26, while the sales volume in Q4 FY '25 was 5.03 MMSCMD. However, the sales volume in this segment has increased compared to Q3 FY '26, which was 3.93 MMSCMD, registering an overall increase of approximately 7% quarter-on-quarter.

As you are all aware, Morbi ceramic cluster remains our largest partner in PNG industrial segment. Our successful supply strategies has provided significant support to the Morbi ceramic industry during the crisis period of March to May 2026.

The number of units offtaking gas increased from 83 units with gas consumption of 0.36 MMSCMD in March 2026 to 710 units with gas consumption reaching approximately 8 MMSCMD by the last week of May 2026. The average volume in Morbi ceramic cluster during the quarter was 2.02 MMSCMD and volume other than Morbi cluster was 2.17 MMSCMD.

The Morbi cluster volumes registered an increase of 21% in Q4 FY '26 as compared to Q3. The volumes other than Morbi cluster reduced marginally by 3.5% in Q4 FY '26 compared to Q3.

Looking ahead, propane supplies are expected to remain impacted over the short to medium term, which may further encourage industrial customers to increasingly rely on natural gas to meet their fuel requirements. At the same time, we continue to closely monitor key market dynamics, including spot RLNG prices, availability of alternate fuels, and end consumer demand trends across industries in our operating areas.

Our focus remains on maintaining the right balance between volume growth and sustainable margins while continuing to reliably serve our customers. I now propose to provide highlights of our financial performance.

For Q4 FY '26, EBITDA stood at ₹943 crores compared to ₹790 crores in the corresponding quarter of the previous year. For the full year, EBITDA stands at ₹3,772 crores as compared to ₹3,241 crores in previous year.

PAT for the full year stands at ₹2,299 crores as compared to ₹2,308 crores in previous year. We are pleased to announce that our Board of Directors has recommended a dividend of ₹8.9 per share, equivalent to 445% of face value, with a total dividend outgo of approximately ₹835 crores, reaffirming our commitment to delivering value to our shareholders.

The year also marked our embarkment on the digital transformation journey. We have planned for a more integrated and future-ready organization through planned ERP expansion, AI-enabled analytics, advanced metering infrastructure, SCADA implementation, and broader automation initiatives.

These investments will strengthen operational efficiency, enhance decision-making capabilities, and support sustainable growth in the years ahead. As a part of our business development strategy, we have engaged McKinsey as a strategic consultant to evaluate growth opportunities within our existing businesses as well as to advise on both organic and inorganic expansion initiatives.

We have taken up the business development strategy initiative with the primary objective of setting up GEL for steady growth over the next decade. The initiative aims to accelerate core business growth, define expansion opportunities in adjacencies and emerging energy segments, and create a future-ready portfolio.

The initiative seeks to strengthen organizational capabilities in the post-merger context and build a structured implementation plan to translate strategy into measurable outcomes. ESG considerations remain central to how we create long-term value for our stakeholders.

As part of our commitment to ESG initiatives, we have signed 24 new tripartite agreements with biogas producers for purchase of compressed biogas, taking the total tally to 35 agreements with a total volume of approximately 1.6 lakh SCMD of CBG. By virtue of our average Q4 PNG sales to industrial consumers, reduced carbon dioxide emissions by approximately 60 lakh kg per day due to PNG utilization by customers instead of coal, and through its CNG sales reduced carbon dioxide emissions by approximately 19 lakh kg per day due to CNG utilization for transport instead of petrol or diesel.

At Gujarat Energy, we have the highest standards and a strong culture of safety. GEL is an ISO-certified organization for Integrated Quality, Occupational Health, Safety, and Environment Management System.

We build, create, and maintain a safe and reliable gas network in our areas of operation. Looking ahead, while global energy markets continue to face uncertainty due to geopolitical developments, we remain confident in our strategy.

Our diversified sourcing portfolio, strong infrastructure, disciplined capital allocation, and customer-centric approach positions us well to navigate challenges and capture growth opportunities arising from India's increasing transition towards cleaner energy solutions. I would like to thank you all for sparing your valuable time for attending this call.

With this, I now request the moderator to start the Q&A session. My leadership team and I would happy to respond to any queries that you may have.

Over to you.

Thank you for the opportunity. I hope I'm audible.

Yes, please go ahead.

Sir a couple of questions. Firstly on Morbi, earlier indications in terms of the gas equivalent demand in the entire region has been that it is around 8 to 8.5 MMSCMD.

As per the guidance given by MD ma'am, the volumes have already reached close to 8 MMSCMD. Is it fair to assume that at least in the near term volumes are hitting a peak level or can further growth be expected assuming propane continues to be tight as far as supplies are concerned in the region?

As of now we are selling close to 8 MMSCMD, but I think what we hear from the customers that it can reach up to 8.9, 8.8 MMSCMD. There's still a gap of almost 10% or so.

Can we get a sense, sir, of what is the pricing in Morbi and other than Morbi industrial regions? Just a range would also be helpful.

Basically we are selling currently in Morbi close to 75, ₹75 per SCM

and

non-Morbi would be close to ₹68 per SCM.

₹78, sir, if I heard you correctly?

Non-Morbi would be close to ₹68 per SCM.

Non-Morbi is 68 and Morbi is around 75 odd, right?

Yes.

Yes. Got it.

Sir, the other question was basically with respect to the sourcing mix, if we can kindly get a sense of what the sourcing mix is right now in terms of what are the arrangements in terms of LNG Brent-linked or Henry Hub-linked, and how much was the APM and new well gas that we've got? If you can kindly break it down source-wise, that'll be very helpful.

Is this for the CGD or?

For the entire company also would be fine, sir, if you can give us a percentage mix.

APM would be close to 2 MMSCMD. New well gas would be close to 0.5 MMSCMD, 0.4, 0.5 MMSCMD.

Then

we have long-term contracts close to 3.5 MMSCMD and short-term almost 3.5 MMSCMD.

Sir, these long-term are all Brent-linked or in terms of pricing benchmarks?

Majority of them are Brent-linked. Okay.

Okay. One last question, sir, if I may, with respect to the blend between the trading and the net volumes that was mentioned.

Out of the 10.2 MMSCMD, I think what was mentioned was 5.3 was the intersegment sales, which basically means the LNG that was procured by the company for Gujarat Gas CGD business, and the net volume was 4.9 or so. What's the current run rate in terms of the trading business?

Is it possible to share for Q1 so far?

Whatever increase is there is basically Morbi. Around Morbi trading volume is close to 5.5 MMSCMD, and the rest would be 10, somewhere around.

You're asking for Q1? The total CGD volume is close to 14 million.

Uh-huh. Which includes APM, new well gas, and others, and the trading business of GSPC is close to 5 million.

The net volume for trading is 5.5 out of the 14 that Gujarat Gas is doing in the CGD business right now, roughly? Yes.

Yeah.

Okay. All right, sir.

Thank you. I'll come back for more questions.

Thank you.

Thanks for the opportunity, sir. Sir, two questions.

Basically on the tax benefit that is coming out of the merger, it's only the 164 that is left as 164 crores is left as on March '26 or there's an additional something? The second question is on the capex.

What would be our capex guidance for the CGD business and as well as the trading segment? If you can just give some guidance on it.

There is no capex with respect to the segment. With respect to your tax issues, basically we had a tax losses of close to 7,200 which came in at the time of merger, that is on 1st of April 2024.

Of that, close to 2,800 got absorbed in '24-'25, and in '25-'26 we got absorbed around 2,500 crores. There is a balance of close to 1,900 crores which is remaining.

Any profits up to ₹1,900 crores, there will be no tax. Over and above that, there will be tax.

Okay.

Yeah.

Capex guidance on CGD and trading segment?

Capex guidance on CGD will be close to 1,000 crores, and with respect to the E&P business will be close to 100 crores. Basically we will be drilling a few wells.

To the extent of that, basically we will be having close to 100 crores of E&P operations undertaking.

Okay. That's it.

Thanks.

Hi, sir. Thanks for taking my question and congratulations to the entire team on getting the merger through, sir.

Sir, I had two questions. Firstly, if you could on the power business.

From what I gather, I think the PLF load factors in our power plants are in single digits. I think we've reported losses in the segment for the financial year as well.

If you could throw some light on the business and what is the outlook on the business from here on?

I think see the losses which they have reported is because of certain exceptional items which came in, especially the forex loss with respect to the contracts which they have with BHEL, and the other one is basically the impairment they have done to some extent. Yes, there was a PLF low with respect to GPPC.

There the PLF was close to 1%, and with respect to GSEG it was close to six 6%, 6.5%. Yes, we are looking at an overall level, we are looking at a strategy of reviving this basically assigning or aligning it with some other businesses so that the power plant can be used to the maximum capacity, and basically this also helps in our trading activities also because we'll be importing gas to that extent.

We are in a discussion to relook at this opportunity which is there. We don't look at it as a drag as on date, but yes, on a long-term basis, it will be an opportunity for us which practically we are having a 1,000 MW of megawatts of power which is there.

Basically that's an opportunity to sell gas to them also. We are looking at certain combinations over there.

Basically we'll come back to you gradually on this.

Is it possible to quantify what the quantum of forex losses and one-offs are in this year or quarter?

The forex losses with respect to GSEG is close to 15 crores, and with respect to GPPC is close to 23 crores. Losses in the sense they have a contract with BHEL, that is EPC contract, wherein certain value of the contract which to be paid is denominated in US dollars.

That's the notional loss they have had at this time.

Okay. Second question on the outlook of the gas trading business, sir.

What are the nature of contracts that we have there with our customers? Are these back-to-back contracts with respect to the long-term agreements that we have signed with our suppliers?

Just wanted to understand, because given the fact that we have one of the highest profitability in trading on a per-unit basis, what is the outlook there? Can we maintain the current profitability run rate in that segment or can there be a lot of volatility as well?

We do have long-term contracts in line with the long-term purchase agreements that we have. For example, in fertilizer segment we have contracts till 2028, and then we are talking to all these fertilizer units for extension beyond 2028.

In addition to that, we have long-term contracts with CGD companies other than Gujarat Gas as well, and industrial clients like refineries and other industrial customers. We do have a mix of fertilizers, CGD companies, industrial consumers as long-term contracts.

Obviously, we'll not like to expose ourselves because we have purchased some few volumes on long-term contract basis. Yes, there is a good mix of back-to-back contracts based on whatever purchase we have, we have sold it on a back-to-back basis to the downstream consumers.

The current profitability levels, we're confident that we can maintain those, right?

Absolutely.

These long-term contracts that we were earlier referring to of 2.6 million ton of LNG portfolio and then additional 1.36. This 2.6 includes 1.36 or these 1.36 million ton is over and above the 2.6 million ton?

This 2.6 is existing and 1.3 is in addition to that. 1.36 is within this 2.6 MMTPA.

When is this 1.36 starting or has it already started?

One has already started, the other one starts in 2028.

Are there any contracts that are expiring then?

One Qatar contract expires in 2028, but we have the new contract which will replace that with higher volumes.

Understood, sir. I'll come back in the queue if I have more questions.

Thank you.

Sure.

Hi, sir. Am I audible?

You're audible.

Sir, what was the EBITDA per SCM without the impact of the amalgamation for either FY '26 or 4Q FY '26 for the CGD segment?

Okay. For the entire year it was close to 6.16.

Got it. Sir, can you reiterate so how much boost in margins will be there or moderation in RM cost in the CGD segment due to the amalgamation structure?

There will be some VAT elimination, and I'm assuming that there is some margin uplift due to lower sourcing cost because the trading segment will not earn any margin while supplying to CGD. Is the understanding correct?

If you can quantify some?

See, I think the businesses will be running as it is. Just as we showed you now that is an intersegment sales which happens.

The same way it will be happening going forward also. With respect to the sourcing advantage, definitely will be having with Gujarat Energy with respect going forward.

That advantage will anyway be reflected in the profitability also.

Got it. Thanks, sir.

Yeah.

Hi. Thanks for the opportunity.

Just a couple of questions. On that trading profitability in FY '26, it's approximately around some 1350 cr or something.

Are there any one-offs in that? That's number one.

Number two, we have some of this exceptional item related to that LNG regasification business, particularly with Mundra. Can you just explain that in detail, what are those from an accounting perspective, those exceptional item?

I think exceptional item, yeah, your first question is with respect to?

To the LNG trading business, that? LNG trading,

yeah, in the financial year '25-'26 the only one thing is that basically we have a refund of the customs duty which is there.

Okay. If I adjust that, the recurring profitability is around 1100 cr on a trading?

It

will be. We will be maintaining that 1,100 to 1,000, 1,100 cr of profitability would be there.

Okay. It's in a segment it's shown as 1,367 crore or something, that number.

If you look at the standalone business for FY '26, gas trading EBIT is 1,334 crore. Yeah.

You are saying around 1,100 crore will be the run rate. Is there another gap between this, are there any one-off in that LNG trading?

That one-off would be, see, we have agreement with Petronet LNG with respect to the regasification facilities. In GSPC LNG, we had diverted certain cargoes over there.

Basically we had a back-to-back agreement with them. Any liability coming in practically they will have to fulfill.

To that extent, one one-off is there. That's close to 200 crores.

That is close to 200 crore, and the 50 crore is the custom refund which you mentioned? Yeah.

Yes. Yeah.

What's the additional stake we got because of this arrangement in a GSPC LNG?

No, there is basically this outstanding was converted into equity by them. That's the reason there is an increase in the equity shareholding of Gujarat Energy into GSPC LNG.

Now the stake will be closer to, earlier it used to be 25% if I remember across all the?

At the time of the merger announcement, it was close to 14%. Now it is close to 36.8%

now. That's why it's been a part of the subsidiary and you have to report as a?

Yeah. Beyond 25% stake of GSPC Group, it becomes a subsidiary to it.

Got it. That's one.

I think that this also covers part of your exceptional items also which you mentioned. Just one more question, the last question.

We have close to 6,000 crore plus kind of cash on the book, and you will be paying close to 9 crore rupees of dividend, which reduced approximately 800, 900 crore rupees from the cash balance. Normal capex what we spend generally is around 800, 900 crore rupees.

At the same time our operating cash flows are significantly higher than that. I remember that in the last discussion, you mentioned that we will come out with some kind of thought process or at the board level what we are going to do with this cash.

Any update on that?

I think just as our MD updated you in the earlier opening remarks, basically we have appointed McKinsey. We are working on that.

Basically we'll come back to the investors and all with respect to the way forward on that, maybe in the next quarter or subsequent quarter where we have definite plans on that.

Got it. Thank you and wish you all the best.

Yeah.

hi. Good evening and thanks for the opportunity.

On Morbi volumes, I just wanted to get a sense of how do you see the sustainable volumes at Morbi right now? Of course, propane is not available and therefore we've been able to ramp up the volumes quite sharply almost to full utilization levels.

Let's say once things normalize and propane comes back in the market, what would be your sense of sustainable volume from Morbi? Also secondly, are you still looking to kind of get into the propane business which you had highlighted last year?

On propane, I think at least in the short to medium term we don't see propane coming back to normal levels. We are reasonably sure of good amount of sale of gas in Morbi market.

If things get to normal, we likely see a dip in spot prices as well. I think we are in a good position to compete with propane whenever it comes.

If propane comes back, would be gas. I think we'll be in a good position to compete.

As of now for the short and medium term, we see good amount of sale of gas in Morbi. Second question?

Propane business.

Propane business.

On propane business, yeah, we are basically talking to various ports for setting up the infrastructure dedicatedly for us. In the meantime, we have already initiated discussions with various counterparties for import of propane, counterparties like QatarEnergy and Saudi Aramco and others.

We have had discussions on draft of contracts with various companies. As far as infrastructure is concerned, we are very much interested in setting up our own infrastructure so as to be able to import and store propane without any hindrances.

We are looking at setting up port facilities close to Morbi. Investigations are currently on.

We are in discussions with port authorities in Gujarat. That is very much on the cards.

Propane business, we are still evaluating that one, seriously.

Got it. Just lastly on margin, given that there's a lot of movement in raw material prices as well as your selling prices, what is the margin that one can expect, let's say, in the near term on a per SCM basis?

Margin guidance, I think, will be maintaining it. There's a volatility, that's definite for sure.

I think we'll be able to maintain the trading volumes, the margins in the trading which we have been maintaining earlier also.

For CGD would it be, I think, ₹5, ₹5.5 per SCM?

Yeah, 5 to yeah, that's the guidance for CGD would be close to 5 to 5 to 6 would be there, 5.5 to 6, 6.5.

Understood. Thank you very much.

That's all from me.

Thank you for the opportunity, yeah. In Morbi, what is the mechanism currently?

The players, they enter into a contract for what period, and how often do you roll that contract over?

Basically, right now they are signing for a month. It started somewhere in middle of April after the voluntary shutdown.

Right now they are continuing, and this month and next month we expect good volumes.

Sir, secondly on the E&P side, we seem to be booking losses. If you can highlight how it is going on currently and what is your plan in terms of turning it to profitability?

See, if you look at E&P on a operational level, we are making profits only after the depreciation which is there, then only we are making losses. For example, last year ended we have made a operating profit of close to 29 crores.

After depreciation, that's a negative which is there. Other I think we also have a tail leg of that KG thing which 10% of that asset we are holding on to for which we have an operation loss over there.

For the other assets, we are practically making profits with respect to the E&P activities, yes.

In case you do have some reserve estimates right now which you can share, it will be great, sir. What we have currently is what you shared [unclear].

We have the reserve. Basically the reserve, the million barrels of oil equivalent is close to 6.71, that is the 2P reserves.

Thanks a lot, sir. I'll come back in the queue.

Yeah.

Thanks for taking my question, sir. My question is related to power segment and mostly to the 700 MW combined cycle power plant where we have signed the PPAs.

On a steady state, how much one can expect the operating profit from this power plant? That's one.

As per my knowledge, the PPAs for this power plant are expiring in a 2028. Then are we looking for merchant power selling or we are planning to enter into the new PPAs?

The PPA is expiring in '36, not in '28.

Sir, steady state how much one can expect the operating profit from this power plant, 700 MW?

See, the thing is presently there is no loans. Basically till the loans were there, basically GUVNL was adhering to the fixed cost regime which was there, wherein GUVNL, the utility entity was paying them the fixed cost, which was excluding of the ROE of that project practically.

That state still continues. Basically we need to explore other options of utilizing this plant, which we are underway.

We are actively looking in and pursuing that. Subsequent that, basically we will be able to tell you what is a steady state of profit, because the steady state of profits also includes the ROE, which presently is not available because GUVNL has funded for that over a period of when the plants were not functioning.

Subsequently, once we identify an opportunity, we will be discussing with GUVNL and basically coming out with a business plan for this project.

GUVNL is paying fixed cost, that would be approximately ₹2.5 to ₹3 per unit?

That's a minimum fixed cost they are paying. That's the maintenance of the plant and the insurance, etc.

Okay. Sir, second question is related to in the current state we are selling close to 8 MMSCMD kind of gas to Morbi industry.

How one can see the EBITDA margins for this Morbi volume, because our back calculations are suggesting at EBITDA level the margins would be approximately 3 to ₹3.5 per SCM. Is that the correct calculations or you can correct me on that side?

We can talk on the quarter one numbers, then we can talk on this numbers.

Sir. Thanks a lot.

Thank you for the opportunity again, sir. Just one housekeeping question in terms of the number of shares that was spoken about.

What will be the final number of shares post the listing of the new shares for which the approval is pending?

Close to 93 crore shares, total.

93 crore shares.

Yeah.

All right. Sir, another was on the GSPC Mundra, what was the LNG volumes that was shipped in FY '26, and any outlook you can share for '27?

I think it's a regasification facility which is there.

Yeah.

Regasification facility is there, they are not importing cargoes. Their utilization was close to 17% of the capacity.

With the terminal being operational now in full swing, I think. I think right now they're doing close to 35 to 38% of utilization starting in May, and probably June, July would be the same, I guess.

Okay. All right, sir.

Thanks, that's all from my side. All the best.

Hi, sir. Good evening.

Thanks for the opportunity. Just a housekeeping question from my end, sir.

Would be great if you can give us the operating profit for all segments for this year as well as last year and also for this quarter if possible.

Basically the operating profit for the last year was around, I think you would want the EBITDA numbers, I suppose?

Yes, EBITDA number for all segments, sir, because you've already given the PBT number, I suppose. If we can also have the EBITDA number.

The EBITDA numbers. For the gas trading business it is close to 1,300 crores for the gas trading business.

CGD is close to 1,900 crores. The exploration business, E&P business, 29 crores and renewables is

46 crores. Right, sir.

Sir, secondly, how should we look at the gas trading business in terms of growth in its volume and guidance that you can give over there, because in CGD we usually get a guidance, but in case of gas trading if you can provide us some guidance, what kind of growth we are looking at?

I think we do expect good growth in gas trading business. We expect prices to be reasonable starting '28, '29 once the conflict gets resolved.

I think we right now are doing close to 10 to 12 MMSCMD, but we do expect by 2030, '31 maybe 25 to 30% growth in gas trading business.

All right, sir. Thanks for answering my questions.

Hi, sir. Thanks for the opportunity again.

Two questions. Firstly, in the segmental bifurcation, sir, where are we including the profitability from Sabarmati Gas, and also in which segment are we incorporating the take-or-pay charges of 200 crores?

I think it has been shown as unallocated expenditure with respect to the consolidated numbers because that's what the respect of the GSPC LNG which is there. Other than that, it has been allocated to the respective segments in the standalone.

Go on, sir.

No, tell me.

Sabarmati Gas, let's say, where is it included? It's unallocated or it's part of CGD?

Sabarmati Gas, it's a JV, it's a equity tie-up which happens. Basically it's only one line comes in the profit and profit statement.

There is no line-by-line accounting with respect to the Sabarmati Gas.

In the segmental breakup it should be a part of other unallocable expenditure?

It will be. It will be part of that, yeah.

Correct. The two the ₹200 crores of take-or-pay that we had paid would be?

We have not paid take-or-pay. GSPC LNG has paid to us.

That is part of the consolidation unallocated number which is there. That's close to 200 which is coming in.

Okay. The second question is we were talking about setting up infrastructure for supplying propane business.

What kind of infrastructure is it that we're talking about? Like setting up tankages and pipelines to Morbi or what is it exactly?

Basically setting up a import jetty and storage tanks.

Understood, sir. Thank you.

Hi, sir. Thanks for the opportunity.

On the gas trading business, how do we look at the margin per SCM? Because for GAIL I think they have something like 20 cents per MMBtu for LNG segment trading.

Any number which you can share for the gas trading per unit margin?

We have been making a margin from around 4% to 6% in the gas trading business. I think we can go with that percentage.

You don't share any per unit kind of, because that will be blended from the imported LNG as well as domestic gas. That breakup would be more helpful.

Today we'll share only this percentage which is there.

Okay. On the tax loss, I think there is a 7,200 crore of tax loss which you mentioned earlier.

In the balance sheet, where can I see this tax loss asset?

We have created a deferred tax asset. I think the schedule which comes in, there will be a different schedule for the deferred tax and the tax calculations will be there.

In how many years you have to use that, 7,200 crores?

We have to use that in eight years, but we have already used close to 5,000 crores in the last two years, in '24-'25, '24-'24, '24-'25 and '25-'26. Practically for the last two years advance tax we paid close to 900 crores of refund would be available now.

Balance is around 2,000 crore odd?

Close to 1,900 crores is balance, yeah.

Okay. Sir, lastly, on the balance sheet, I think in the presentation you mentioned there's a cash balance of around 5,000 crore.

If you add the numbers in the consolidated balance sheet, cash and cash balance is around 1,300 crore and there is another item, other financial assets, that is around 5,500 crore. That gives you around 6,800 crores.

I'm a bit confused what is the correct number.

No, I think from last two years we have changed the representation of that. Basically the fixed deposits which are more than one year, we are showing it as other financial assets which is there.

Okay. If we add the cash balance plus other financial assets, the total comes to around 6,800 crore kind of, and you have mentioned 5,000 crore in the presentation.

No, yeah, but see other financial assets, one of the line items is with respect to the GSFS funds which we have placed. Once you get the detailed schedule of accounts, basically this will be clear.

Okay. One more question, sir.

At current spot LNG price of say $17, $18 and dollar at say ₹95 and I think the pre-VAT selling price in the Morbi region is around ₹73 per SCM, are we making money at EBITDA level on these numbers? Because if I do the maths, I'm looking at a negative margin.

See,

we are in a business of making profits, we cannot be making losses. Sir,

what is the selling price in Morbi region? Is it 73 or higher than that?

73 is at a particular exchange rate, at a particular net calorific value. Depending on the calorific value and the exchange rate at that point of time, the prices are basically indexed.

So?

Basically exchange rate is pass-through and calorific value, yeah.

At current exchange rate, what would be the price? The 73 becomes 77, 78?

What would be that number?

Around 76, I guess. 76.

I think even at 76 and $17 spot price, I don't think we'll be making margin of say ₹5 or ₹6 per SCM, which we have guided.

No, but we are not selling at a loss for sure. That's not possible for us to be selling at a loss, and we are, yeah.

The

price is valid for the whole month or it changes at start of month or it changes even during the month?

It doesn't change during the month. The price for May was fixed.

The price for June is also fixed.

Okay. Can you share June price, if possible?

I think we have increased by ₹1.5.

So 77, 78 kind of number?

Yeah.

Yeah. Yeah.

Sir. Thanks.

That's all I had. Thank you.

Hi. Am I audible?

You're audible.

Hi. Thanks for taking my question, sir.

On the gas trading business segment that is there, when you show that the 4Q volume was I think 4.6 MMSCMD or so, the volume that you procure and use within city gas, is that also part of 4.6 or that is over and above that? Want to understand that.

Earlier there was an arrangement where GSPC would procure for Gujarat Gas. How does that work in the merged entity?

If you procure LNG, does it straight away seen as a city gas volume for city gas or it goes through gas trading? No,

I think in the press release also it's very clear what is the total volume of the company and what is the volume which is intersegment sales which is there. That's very clear in the press note itself.

Then the net trading volume of 4.94 is excluding the CGD. Total is close to 10.19.

When there is an intersegment over there, like the segmental EBIT that you have given, that would be including the margin for the intersegment transfer? Is that how it would be?

Like you've given a segmental EBIT for gas trading.

No, we are not given you the EBITDA for gas trading.

EBIT. The segment results whatever that you call.

Yeah.

That is EBIT, right? Because what you called as segment result, where gas trading?

Yeah. Yes.

Yeah, 1,300. It includes the segment, yeah, you are right.

It includes the profit from the gas trading also, yes.

It includes the margin that gas?

Margin for the, yeah, you are right. Selling

the gas to city gas, is that right? Yeah.

You are right. Yeah.

Okay. Sir, just maybe one suggestion because, as now it's multiple segments which are there, I think it'll make a lot of sense if you add EBITDA in your press release, because that's what most companies with multiple segments also do.

It helps the analysis, because the multiple that each of these segments will get would be very different.

I understand. We'll try to improve.

Thank you.

Thank you.

Thanks for the opportunity, sir. Sir, you did give the EBITDA breakup for the full year numbers.

Could you just provide the same for Q4, segment level EBITDA breakup?

Definitely. For Q4 of '26, gas trading is close to 400.

CGD is close to 4 450. E&P is close to 14, and renewables is 5.

Got it, sir. Sir, in terms of the gas trading business, I think you did mention at the beginning in terms of contracts on either sides from a sourcing standpoint currently the long-term contracts until what point we have, and also from an end consumer you did mention about refineries and fertilizers, till what point are these contracts, and if you could provide the quantum, that would be helpful.

Our sourcing contracts, we have two contracts with Qatar, one with Shell, and one with Uniper, and Total also. The existing contracts in Shell and Qatar, they run up to 2028 and 2030.

The new contract from Qatar starts in 2026 and is valid for a period of 15 years, I guess, 17 years. TotalEnergies contract is from 2026, goes up to '35.

Uniper, '28 to '37. That's on the sourcing side.

One of the Qatar contracts expires in '28. Shell contract can expire in 2030.

On the sales side, on the customer side, we have contracts with fertilizer companies which are valid till 2028. We are obviously talking to the fertilizer companies for not only extension, but increase in volumes as well.

We hope to do much more volumes than what we are doing right now. Then we have contracts with some other CGD companies other than Gujarat Gas.

For example, Sabarmati Gas, Indian Oil-Adani, Charotar Gas, IRM, IGL, and Megha. These are long-term contracts.

Then we have as far as industrial customers are concerned, we have contracts with JSW, then we have contract with Deepak Fertilisers, then PGPGlass, Indo Brine, Nirma. There are many industrial customers with whom we have long-term contracts.

Obviously, after this contract expire, we are talking to them for renewal as well.

Understood, sir. Just one additional thing.

If you could just help with the quantum on these contracts. For instance, you mentioned Shell and Qatar, what would be the existing quantum and also the three new contracts that you mentioned, what would be the quantum?

The quantum of purchase contracts?

Purchase contracts, yeah.

The contract with QatarEnergy that we signed is 1 million ton, but it has a ramp-up, starts in 2026 and goes up to 1 million ton in 2030. Then TotalEnergies is like six cargoes per year.

Shell, we have 15 cargoes per year, and Uniper, we have six cargoes per year starting in 2028.

Got it, sir. This 1 million ton because of the West Asia conflict, do we see any impact this year or we can still count on that?

Yes, there will be impact this year because of the conflict. Yes, I think we have already lost two cargoes which were scheduled this year in May and June.

Got it, sir. Thank you.

Thanks for the answers, sir.

Hi. Thanks for the opportunity.

On this demerger scheme, from what I understood, you mentioned that the shareholder of erstwhile GSPC and GSPL will get the shares of transmission entity. In effect, that 12th May, that ex-date was also the ex-date for the transmission shares.

If I buy the shares today of Gujarat Energy which is listed, I will not get the transmission entity shares. Is that correct?

You still get shares of transmission entity because we are yet to fix a record date for GTL. Once we have credited shares to the shareholders of GSPC and GSPL, thereafter we are going to fix a record date for GTL, and whosoever is holding shares on the given record date will be eligible to get shares of GTL.

Sure. Given the quantum of that other financial asset is huge, possible to share the breakup so that people can make assessment in terms of underlying how much to take as cash and?

You can definitely. You can send us a mail, we can give you the details, because anyway it will be part of the accounts.

Sure. This 900 crore tax refund that we are due on this past losses that we have set off, by when should we get that?

It's an assessment which happens with the Income Tax Department, so that will take its time.

Okay. Against this future, you have about 1,900 crore of pending losses.

Here you will straight away not pay any tax, right? There it won't be a question of?

No, we'll not be paying any tax.

Perfect. For this power plant which is there, in your assessment, what level of spot LNG gas will help turn us around on the PLF and all?

I think close to what they generally tell us is that $6, $7 gas will make things work for them.

Okay. Sure.

This gas trading business which is there, last question, here you will try to now incrementally grow it as an independent business in itself or it will largely be to kind of just support our CGD, power, and other businesses or we should see it just like GAIL has a big trading business independently being done, it will be kind of directionally be run that way?

That's business as usual for us. Obviously one of the bigger customers would be our own companies, but we will be independently trying to sell additional volumes to other customers also.

Sure. Thanks.

I will come back in the question queue.

Good evening. Thanks for giving me the opportunity.

Just a small question

on gas trading? Please go ahead.

Hello? Am I audible?

You're

Gas trading wanted to know when we talk about the trading EBITDA and trading EBIT, so that is on a total volume of 13, 14 MMSCMD, right? Not this 4, 5 MMSCMD pure volumes.

Is that right?

Yeah, 13 yeah, 13 300 1,300 crores you are talking about?

That would be on 13.5 MMSCMD which is the total?

You are right,

yeah. The trading margins even for our own entity, that part is part of gas trading?

No, just a minute. That 1,300 would be for the gas trading volumes of the previous year.

That would be close to 10 MMSCMD.

That is 10 MMSCMD for the full year?

For the full year, yes.

If I add the CGD and the trading volumes, then I think the number comes at 13 MMSCMD. That is which number?

What you have reported in your press release?

Because for the CGD you are also getting APM gas allocation also, no?

Okay. That is another?

Yeah.

Basically for the total volume of gas being sold or purchased for the companies, that will also be included as a part of this.

Got it. The GSPC portfolio is mostly LNG portfolio only, which is around 10,

11, and

anything top of that is basically APM plus NWG and all, which is coming to?

New well gas plus whatever is allocable to the CGD business, that will be coming separately to the CGD business, yeah.

For the full year, the GSPC volume is around 10.5 MMSCMD, is that right?

Yeah, 10.15. You're right.

10.2.

Thank you so much, and all the best.

Thanks for the opportunity again, sir. Sir, just want to know what would be our investment so far in GSPC Mundra LNG?

Investment.

What will be the investment value?

We have a 38% investment over there.

Amount?

They are close to around 17 1,700 crores.

1,700 crore. Thank you.

Yeah.

Thanks for taking my question, sir. Sir, for the GSPC, what is the user industry breakdown of the?

Am I audible now?

Just want to know for the GSPC, what is the user industry-wise breakdown in FY '26, sir?

Basically you're talking of the segment which we sold gas to. That's what you are trying to tell us, with respect to the gas trading business?

Yes.

Basically, city gas distribution companies, then we have fertilizers, and then refinery, power, and other industries. Close to 52% yeah, 52, 53% goes to the city gas, 27% goes to the fertilizer, and rest is others.

Sir, my second question is that as the CGD volume will become very critical because of the Morbi demand that you are catering, what is the risk mitigation plan to safeguard the LNG cost? Initially you will depend more on the spot LNG or short-term LNG.

Ultimately, you need the medium-term or long-term contract to avoid the volatility or you can say some crude-linked or Henry Hub-linked type contract. What is the ultimate plan over the next one year if we are to feed this business?

Is it audible now?

It's audible,

please go ahead. I just want to know that your CGD, with the ramp-up of the Morbi volume, I think near-term dependency on the short-term LNG will increase here.

What is the risk mitigation plan, sir, that because your volume ultimately to convert into the medium-term or long-term contract in one year down the line to avoid the volatility in the gas cost, something like that if you try to see in one or two years down the line, sir?

Basically what we are doing is we have signed a few long-term contracts that I spoke about with Qatar and Uniper. These volumes are linked to Brent and at a very attractive linkage.

Propane prices also vary along with oil prices. We understand that these prices are competitive vis-a-vis propane, and we will be able to match the propane prices with these volumes.

In addition to the contracts already signed, we are also looking for volumes on Henry Hub so as to provide us stable pricing which will be able to pass on to propane consumers. We are looking for long-term volumes so as to have a stable kind of supplies in Morbi and be able to compete with propane as well.

That's it. Thanks for my question.

Thanks, sir.

Thank you.

Thanks for the opportunity again, sir. Pardon for a very basic question, sir.

We are eliminating basically the intersegment. How is that adjustment happening in the case of your PBT margins, because as you mentioned that gas trading, the 1,300 crore is the total margin for all the volume of all the trading volume, which is 10.5, I suppose, right?

The net volume is only 4.5, around 4.5. How is the margin adjustment taking place, if you can throw some light on that?

I think we are showing the revenue adjustment with the intercompany sales over there.

Revenue is intersegment sales, that I understood. When we come to the margin, which is your EBIT or PBT margin, there gas trading margin is the total margin for the entire volume, right?

Effectively it should be for the net volume, right? How's the extra margin getting adjusted?

The segments will be having their own profitability, no?

That is reflected as a cost in the other segment, CGD business. See,

you need to understand that for '24-'25 and '25-'26, the companies were operating separately. The numbers basically are flowing from that accounts itself, the listed numbers which are there.

Basically that becomes a cost for the city gas. Got it.

If you can help us with the EBITDA numbers for FY '25 as well, the segmental EBITDA that you gave for '26, for '25 as well? '25,

yeah, '25 gas trading is close to 1,200 crores. CGD, as you will be aware, it's close to 2,000 crores.

E&P is close to 9 crores, and renewables is close to 39 crores.

All right, sir. Thank you so much.

yeah, hi. Thanks for the opportunity again.

Just on this whole transfer pricing that you're following for trading to CGD business, there's an element of profit within that, of course, I understand. Is there any thought or consideration that to transfer that volume to the CGD business on a cost basis, given that it is one company now and anyways volumes you're netting off to show only the external sales, or will it continue to be booked as a trading business EBITDA like how it is being done currently?

We will be optimizing that, but to what extent we will be doing, because these are two separate business segments as such being evaluated separately with respect to their performance, etc. To what extent basically we will be transferring the profits, etc., that will be over a period of time you'll come to know with the results which will be out.

Sure. Just a follow-up to the earlier question, I think to put it in another way, is the margin similar for when you transfer to the CGD business as well as to third parties or is it lower for the CGD business?

Basically when we sell to any consumer, it's basically the pricing that we do is basically depending on the opportunity that is available in the market. For example, if we are able to sell at a price which is higher, then obviously we'll be selling at a higher price.

Obviously it won't be same always. Only thing to add is basically now we have flexibility of basically doing an intersegment sale without that arm's length thing.

That obvious optimization would definitely happen with respect to the CGD and the gas trading business. Right.

Fair to say that you'll try to then maybe book more profits in the CGD business in the future years than the trading business?

I'm not saying that, but you can always interpret what I'm saying.

Understood. That's helpful.

Thank you.

I would like to take this opportunity to thank everyone for sparing their valuable time. We look forward to interact with you in early August with Q1 results.

Thank you all.